Turnaround becomes Employee Ownership Trust as Godber retires and Webb steps up

Turnaround Publisher Services is to be restructured as an Employee Ownership Trust (EOT) following the retirement at the end of this month of founder and joint owner Bill Godber.

Under the new structure, Godber and co-owner Claire Thompson will retain a minority interest in the company and Thompson will continue in her role as marketing director. Godber will be replaced as managing director by Andy Webb, who was previously the company’s sales director. 

Godber said: “It’s a very exciting time for the company. Turnaround has grown considerably over the last few years and there has been interest from potential purchasers. But the option of creating an EOT had great appeal to Claire and me.

“We are following in the footsteps of Walker Books and The Folio Society, along with companies such as Richer Sounds and, of course, John Lewis. The company will retain all its staff and very little will change other than the ownership; I think that’s a happy ending but, more importantly, also a new beginning.”

EOTs are a government initiative aimed at promoting employee ownership by giving business owners the opportunity to sell their shares to an employee-owned trust, free from capital gains tax.

Godber went on to thank the company’s “great staff”, in particular “the massive contribution made year after year” by financial director Gregg, and said they would be marking the occasion by planting 10,000 trees in partnership with Ecologi.

“The new owners—the employees—will also be able to plant more trees in our forest,” he said.

Turnaround was founded in 1984 as a specialist distributor for independent publishers, however it now works in the UK with lists distributed by major international houses as well as with its roster of independent clients. 

Thompson said: “Our success with more commercial lists enables us to work with clients whose interests might be more literary or specialist. That’s what has kept it interesting over so many years. This year, for example, two of our smaller clients have titles on the Booker longlist—The Trees from Influx Press and After Sappho from Galley Beggar Press. There aren’t many other sales/distribution teams that can say the same.”

Webb commented: “I’m delighted to be back on board with Turnaround. This is a fantastic opportunity and I’m looking forward to leading our excellent team, developing valued partnerships with our broad customer base and working closely with our diverse and compelling portfolio of publishers to continue to deliver the very best service, while upholding the values of the company that Bill and Claire have built so successfully over the last 38 years.”